And the beat goes on… Remember my Dead Man Walking post? Is 2008 the mile? First American Bank shutters wholesale in response to the market.

To our valued business partners,

Effective at 5:00 PM on Friday, January 4, 2008, First American Bank will discontinue our wholesale mortgage broker program due to unstable market conditions and the declining real estate values that our economy is facing.

We will accept applications until 5:00 PM on January 4, 2008 and will work with you on all loan requests currently in the pipeline. After 5:00 PM on January 4, 2008, we will not process any new referrals, fee paid or otherwise. Existing loan customers will continue to be serviced by our branch network and our Loan Call Center, (847) 952-3620.

We have worked closely with everyone for many years, I truly thank each of you for the business you have referred to us. This was not an easy decision to make, but the soft market, increased portfolio delinquency, and increasing losses makes this the most prudent path for us to follow.

Thank you for understanding and we wish you all the best!
First American Bank

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This entry was posted on Wednesday, January 2nd, 2008 at 11:41 pm and is filed under mortgage industry. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.